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Kindred Group update on the initial impact of COVID-19

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2-3 Kindred Group update on the initial impact of COVID-19
2-3-1 Kindred Group update on the initial impact of COVID-19Reading Time: 3 minutes

 

In light of the exceptional circumstances caused by COVID-19, Kindred is providing the following updates.

Trading update

Kindred has had a good start to the year with gross winning revenue for the first quarter of 2020 estimated to be in the range of GBP 247-252 million (Q1-2019: GBP 224.4 million) unaudited. The gross winning revenue was positively impacted by strong sports betting margins in the period up the disruption of sports in the middle of March 2020. Despite this, the margin before free bets was 12.2 per cent for the quarter, compared to 9.7 per cent in the first quarter of 2019.

The full impact of cancelled sports events was largely effective from 16 March 2020, which resulted in lower sports book turnover, however partially compensated by solid growth in revenues from other products. As a very short-term indication, during the period 16 March to 31 March 2020, the daily average gross winnings revenue was GBP 2.2 million, which was 10 per cent lower than the average for the full year in 2019 (11 per cent in constant currency).

Update on dividend for 2019

Kindred has a good financial position with strong liquidity and low leverage. However, due to the uncertainty caused by COVID-19 and to ensure that Kindred is well capitalized for future investment opportunities, the Board has decided to change the previously communicated proposal on the 2019 dividend and will recommend to the AGM that no dividend is paid.

Operational update

Kindred has taken steps to protect employees and to ensure continuity of operations by adjusting ways of working so that, wherever possible, employees work from home. As a modern technology-based company, this has been achieved with minimum disruption to the business. Kindred is also working closely with all its partners to continue to provide an attractive sports and racing offer where possible and to be ready for normalized levels of sport activity.

Henrik Tjärnström, CEO, comments:

“We expect the impact of the coronavirus on our business to be temporary, with sports activities gradually resuming during or after the summer. In order to reduce the earnings impact of temporarily lower sports revenues, we will adapt our cost base through reduced levels of marketing spend, lower operating costs and delaying certain investments.

While the current situation presents several challenges, I remain very positive about Kindred’s future outlook. Kindred will continue to benefit from a wide geographical reach and a broad product mix as well as a business model which has been resilient during previous times of economic downturns. I also believe that the social and behavioural changes that are already happening will accelerate the migration from offline to online, which will benefit digital operators like Kindred. Our focus on player safety and care for our customers will naturally continue with the same dedication.”

Quarterly Results Presentations

Kindred will publish results for the first quarter on 24 April 2020. The results presentation and Q&A session will be available through webcast as usual. The previously planned physical meeting at Regeringsgatan 25 in Stockholm will not take place. The arrangements for the results announcements for subsequent quarters will depend on the relevant advice from public authorities.

 

About Kindred Group:

Kindred Group is one of the world’s leading online gambling operators with business across Europe and Australia, offering over 26 million customers across 11 brands a great form of entertainment in a safe, fair and sustainable environment. The company, which employs about 1,600 people, is listed on Nasdaq Stockholm Large Cap and is a founding member of the European Gaming and Betting Association (EGBA) and founding member of IBIA (International Betting Integrity Association). Kindred Group is audited and certified by eCOGRA for compliance with the 2014 EU Recommendation on Consumer Protection and Responsible Gambling (2014/478/EU).


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Kindred Group update on the initial impact of COVID-19

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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What is the future for Norway’s betting monopoly?

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1-10 What is the future for Norway’s betting monopoly?

Norway currently enforces a strict ban on all online betting run by anyone other than monopoly operator Norsk Tipping. Yet, despite its latest efforts to keep unlicensed operators out, there are still other options available for Norwegians as it isn’t stopping the people from playing at foreign licensed operators should they choose to.

The policy of making Norsk Tipping the sole licensed operator while keeping foreign betting companies off the Norwegian market has been a favoured approach by shifting governments in the country over several decades. 

For the most part, this has been uncontested by the general population. The services offered by Norsk Tipping have typically been satisfactory for most players and with Norsk Tipping’s obligation to return its profit to society, this has been accepted by many as a fair compromise. 

The motivation behind this policy is often said to be a desire to protect players by controlling which types of gambling services are made available. Allocating money from the gambling industry to organisations working towards the greater good of society is also seen as important. 

However, with international betting companies entering the Norwegian market by offering their services online, this strategy is proving increasingly hard to keep up. Several measures have been taken in the last couple of years to ensure that unlicensed operators stay out of the Norwegian market, for example by blocking transactions to gambling sites. Despite being met with criticism, Lottstift shows no signs of giving in to the external pressure.

 

The shift to online complicates matters

Competition among online betting companies is fierce, and considering how difficult it is for one country to legislate online activity without resorting to means more often seen in countries of a far less democratic nature, the challenges faced by Norsk Tipping are getting bigger. 

In addition, as regulation fails to keep international online actors out, many argue that today’s situation in Norway is, in reality, a free-for-all system where companies required to follow strict regulations in most neighbouring countries are given a free pass to target Norwegian players.

A quick look at the Norwegian comparison site Oddsbonuser.nu tells us that a lot of operators are interested in the country and some of these would welcome regulation. 

For example, Kindred Group and Betsson Group – both members of Norsk bransjeforening for onlinespill (NBO). As can be read on their website, “NBO will promote the introduction of a responsible and sustainable licensing regulation of the Norwegian online gambling market”.

Even though regulation is very unlikely at this point, it’s hard not to fall into the pit of ‘what if’. Close at hand is the situation in Sweden, which regulated the gambling market in 2019. 

Sweden had previously followed a similar path, before abandoning its monopoly. Betting companies can now – by obtaining a licence – operate and advertise on the Swedish market, given that they follow regulations set by Swedish authorities, including paying Swedish taxes.

This naturally means tougher competition for state-owned former monopolist Svenska Spel, but also that politicians now can regulate and limit how betting companies can operate, for example when it comes to promotions and bonuses. But even so, recent proposals of further tightening the regulation in Sweden have caused waves amongst the licensed operators in the country. 

The operators and Spelinspektionen, the Swedish Gambling Authority, are worried that this might cause players to move away from licensed operators and that the black market will grow even bigger – making it worse than pre-regulation in the country. With this in mind, Lottstift is likely even more certain that their strategy is better left unchanged.

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William Hill adds broadcaster Nick Luck to their stable

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William-Hill-US-appoints-leading-executive William Hill adds broadcaster Nick Luck to their stable
William-Hill-US-appoints-leading-executive-1 William Hill adds broadcaster Nick Luck to their stableReading Time: < 1 minute

 

William Hill is delighted to announce Nick Luck as their new flat racing expert. The seven-time HWPA Broadcaster of the Year joins the brand’s already stellar stable of racing experts that include Rebecca Curtis, Sir AP McCoy and the Twiston-Davies’, Nigel and Sam.

Luck, a regular part of Racing TV and NBC Sports’ television coverage, will provide critical insights and tips on UK and US racing. His content may be viewed every weekend on William Hill, and on their racing Twitter page @willhillracing.

Nick, said, “I am delighted to join the William Hill team. William Hill has a strong association with horse racing on both sides of the Atlantic, and so I am looking forward to working with a brand that shares my love for the sport of kings.”

Liam McKee, Head of Sponsorship at William Hill, said, “We have seen a keen interest in US racing during the lockdown, and we believe our customers will continue to enjoy it even when racing returns to the UK. Nick’s racing knowledge covers both sides of the pond, and we hope our customers find some luck when backing his selections.”


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: William Hill adds broadcaster Nick Luck to their stable

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Week 21/2020 slot games releases

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weekly-slot-releases-1-4 Week 21/2020 slot games releases
weekly-slot-releases-1-5 Week 21/2020 slot games releasesReading Time: 4 minutes

 

Here are this weeks latest slots releases!

The latest Play’n GO release hit the market this week, a 3-reel video slot titled Charlie Chance in Hell to Pay. The game features a new character, Charlie Chance, as he lands himself in hot water and tries to outwit the devil herself to win his fortune. The unique and the retro style of the game are inspired by the works of animators such as Max Fleischer who pioneered the modern age of animation with classic characters like Betty Boop and Popeye. The choice of traditional fruit machine symbols on the grid also add to the timeless feel of this gridslot. This game is unlike anything we have previously seen from the slot supplier; it seems like, once again, they have broken their mould to deliver original, innovative content.

hell-to-pay-2 Week 21/2020 slot games releases

 

Pragmatic Play, a leading content provider to the gaming industry, has turned up the heat with its latest release Hot to Burn. The title takes the fast and fun gameplay of the traditional fruit machine staple and adds a fiery element with players being able to win up to 1,000x their stake. The 3×5 title offers a classic slot experience as players try to land all five flaming 7 symbols on the reels at the same time to win big.

hot-to-burn-1 Week 21/2020 slot games releases

 

Blueprint Gaming is rumbling into action with the launch of its latest slot Rhino Rampage, the first to incorporate the developer’s new Lightning Spins2122-58 Week 21/2020 slot games releases bonus concept. Blueprint’s brand-new feature is activated when six or more Lightning Spin Scatter symbols land on the reels, where players are given a minimum of three free spins to win cash prizes, as well claim one of the four in-game progressive jackpots.

rhino-rampage Week 21/2020 slot games releases

 

iSoftBet, the leading online and mobile casino content provider, has launched its latest MegawaysTM slot title, Dragon Match MegawaysTM. Set in the heart of a sacred Chinese temple, this four-reel game offers players up to 3,136 ways to win and features cascading wins, with players looking to join two golden dragon symbols on the top tracker reel to form a complete dragon and trigger Free Spins. Dragon Match MegawaysTM also features iSoftBet’s unique symbol matching mechanic, where if the two symbols in the top tracker reel are the same, they turn into wilds, as do all matching symbols on the two reels directly below.

dragon-match Week 21/2020 slot games releases

 

Yggdrasil, the innovative online gaming solutions provider, has travelled back to medieval times in its latest smash hit slot, Arthur’s Fortune. The 5×3 video slot contains a host of features for players to feast on as they join King Arthur and his legendary Knights of the Round Table in a quest for riches. The free spins mode is triggered if three or more Scatter symbols land simultaneously, with higher rewards for more symbols. During the bountiful bonus round, players are transported inside the castle where a wheel of fortune transforms a random symbol into wilds, leading to potentially huge wins, with more symbols transforming if more scatters hit the reels.

arthurs-fortune Week 21/2020 slot games releases

 

NetEnt has transformed one of the best-selling arcade games of all time for online slot fans with the release of Street Fighter II: The World Warrior Slot2122-59 Week 21/2020 slot games releases, featuring a cast of eight original characters ready for combat. In a new spin on the classic video game from Capcom2122-60 Week 21/2020 slot games releases, the new 5-reel, 5-row Cluster Pays video slot emulates the battle mechanics of the original title by pitting the player’s chosen character against opponents and letting the reels decide which fighter is victorious.

Street-Fighter-II_-The-World-Warrior-Slot™ Week 21/2020 slot games releases

 

Casino content developer WeAreCasino has launched its new slot game Classic Cherries. The game was co-produced by Silver Lining Studios, one of the industry’s leading game development companies. This is the first game developed with WeAreCasino’s brand new Slotbuilder engine. Based on a cult classic theme, Classic Cherries gives the iconic fruits, bells, bars, and sevens, a modern makeover and innovates the retro game’s playstyle. This five-reel, nine-line slot exhibits brand new game features such as winning lines that start from the left or rightmost reel, multiple bonus game levels and mobile gaming enhancements.

Classic-Cherries-2 Week 21/2020 slot games releases

 

Betsoft Gaming has released its latest slot QUEST TO THE WEST, which will take players East to West in search of untold wealth. The new slot features 5 reels and 25 paylines, delivering thrilling gameplay and stunning visuals. This game includes Walking Wilds, Respins, Instant Wins and up to 1260x your bet. Monkey King Walking Wilds will substitute for every symbol – grab three to enter the Free Spin round. Trigger the Quest to the West with three Monkey King Wilds. Each re-spin moves the Monkey King symbol one reel left. The spins will end when all the Monkey King symbols have gone, potentially stacking immense wins. Collect 15 or more Monkey King Symbols and fill up the Meter of the Heavens for an Instant Win of 1000x.

5-24-2 Week 21/2020 slot games releases

 

 

 

 


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Week 21/2020 slot games releases

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